Capstone Green Energy C65 Microturbine Successfully Recertified by the Stringent California Air Resources Board (CARB)

Rhea-AI Summary

Capstone Green Energy Corporation (NASDAQ: CGRN) has received recertification from the California Air Resources Board (CARB) for its C65 microturbine, confirming compliance with state emission standards for 15 years. This long-standing achievement enhances Capstone's credibility in the green energy sector, bolstering its commitment to carbon reduction and energy efficiency. The certification streamlines the company's Energy-as-a-Service (EaaS) business by facilitating quicker air permitting for rental customers. Since 2007, the C65 has demonstrated reliability and low maintenance, contributing to significant energy savings and emission reductions for clients.

Positive

• C65 microturbine recertified by CARB as a compliant resource.
• Maintaining CARB certification enhances company credibility in green energy.
• Recertification streamlines EaaS operations for quicker air permitting.

Negative

• None.

Recertification Marks 15-Years of Compliance with California’s Rigorous Air Quality Standards for On-site Distributed Generation

LOS ANGELES--(BUSINESS WIRE)-- Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, announced that the California Air Resources Board (CARB) has recertified the Capstone C65 microturbine as a distributed generation resource exempt from CARB’s emission standards (Executive Order DG-018). The C65 was first certified in 2007 and has maintained its CARB certification and compliance with the Board’s testing standards for the last 15 years.

Capstone Green Energy C65 CARB Certified Microturbine System (Photo: Business Wire)

“As a California-based company serving a worldwide market, the CARB certification remains a meaningful achievement for Capstone Green Energy. California is known throughout the United States for setting the standard when it comes to air quality and emissions regulations. This certification, even now that we have held it for 15 years, gives Capstone credibility when we talk about our green energy commitment,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.

The CARB recertification represents Capstone’s long-term commitment to developing microturbines with exceptional reliability, low maintenance requirements, and adherence to stringent emissions guidelines. Together, these attributes help Capstone customers achieve their energy efficiency and carbon reduction goals. Maintaining certification to these strict emissions standards has made the Energy-as-a-Service (EAAS) business more streamlined in assuring expedited air permitting for rental customers.

“The CARB certification is important because it certifies that vehicles and equipment meet certain emissions standards set by the state of California. This is significant because California has some of the strictest air quality regulations in the United States and the CARB certification serves as a benchmark for other states and countries to follow,” stated Don Ayers, Vice President of Technology at Capstone Green Energy.

About Capstone Green Energy

Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.

To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com.

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230207005561/en/

Capstone Green Energy

Investor and investment media inquiries:

818-407-3628

ir@CGRNenergy.com

Source: Capstone Green Energy Corporation

FAQ

What does the CARB recertification for CGRN's C65 microturbine signify?

The CARB recertification indicates that Capstone's C65 microturbine meets California's stringent emissions standards, confirming its compliance for 15 years.

How long has Capstone Green Energy maintained CARB certification?

Capstone Green Energy has maintained CARB certification for its C65 microturbine since 2007, marking 15 years of compliance.

What are the benefits of CARB recertification for CGRN?

The recertification enhances Capstone's credibility in green energy, supports its Energy-as-a-Service model, and allows for streamlined air permitting for its rental customers.

What is the significance of California's air quality standards for CGRN?

California's air quality standards are among the strictest in the U.S., making CARB certification a benchmark that enhances the credibility and market potential of Capstone's products.

How does the C65 microturbine contribute to carbon reduction?

The C65 microturbine helps customers achieve energy efficiency and carbon reduction goals, contributing to significant savings on energy costs and emissions.